Bitcoin is new gold for millennials, Wharton finance professor says

Bitcoin
(BTC),
the
world’s
most-valued
cryptocurrency,
has
replaced
gold
as
an
inflation
hedge
for
young
investors,
according
to
Wharton’s
finance
professor.

Gold’s
performance
was
“disappointing”
in
2021,
Wharton
School
finance
professor
Jeremy
Siegel

said

in
a
CNBC
Squawk
Box
interview
on Friday.

On
the
other
hand,
BTC
has
been
increasingly
emerging
as
an
inflation
hedge
among
younger
investors,
Siegel
argued:

“Let’s
face
the
fact,
I
think
Bitcoin
as
an
inflation
hedge
in
the
minds
of
many
of
the
younger
investors
has
replaced
gold.
Digital
coins
are
the
new
gold
for
the
Millennials.
I
think
that
the
story
of
gold
is
a
fact
that
the
young
generation
is
regarding
Bitcoin
as
the
substitute.”

Siegel
also
reminded
that
older
generations
witnessed
how
gold
had
soared
during
the
inflation
of
the
1970s.
“This
time,
it
is
not
in
favor,”
he
added.

Gold,
which
traditionally
emerged
as
an
asset
class
providing
a
hedge
against
inflation,
failed
to
meet
investors’
expectations
in
2021,

recording

its
worst
year
since
2015
and
dropping
around
5%
to
close
the
year
at
$1,800.
Despite
massive
price
fluctuations
over
the
course
of
2021,

BTC
had
surged
around
70%
 by
the
end
of
2021.



Related:




More
billionaires
turning
to
crypto
on
fiat
inflation
fears

Several
prominent
global
investors
supported
BTC
over
gold
in
2021,
with
Dallas
Mavericks
owner

Mark
Cuban
arguing
that
Bitcoin

was
“better
than
gold”
in
October
2021.
Starwood
Capital
Group
co-founder
Barry
Sternlicht
also
said
that
gold
was
actually
“worthless”
and
that
he
is
holding
BTC
because
every
government
was
printing
massive
amounts
of
money.

But
despite
BTC
becoming
an
increasingly
popular
asset
against
gold,
many
financial
and
crypto
experts
believe
that

it
is
yet
to
prove
inflation
hedge
status
.

read original article here